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20121120
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with boehner next year. talk to us about how your plan works. >> the interesting thing is if you look at the amount of income tax paid, it's about $1.3 trillion. 1. 1 from individuals, 200 billion from corporations. people always ask how can our marginal rates be so nominally high and net so little money. the reason is we have $1.1 trillion of back door spending in the tax code. that's for deductions for credits. what we said is, look, let's wipe out all of those. let's broaden the base, simplify the code. let's use 92% of that money that we're using from getting rid of the tax expenditures to reduce income tax rates and 8% of the money or about $100 billion a year, to reduce the deficit. $800 billion a year over ten years is where our $1 trillion of our $4 trillion comes from in our deficit reduction plan. >> and what rate are you going change? 8%, you know, 0 to 70 grand. 14 over that. take the corporate rate to 36. if you can't do that, you can't tax your way out of this. you can't cut spending your way out of this. you can't grow your way out of this. so grab hold. it's going to b
Search Results 0 to 0 of about 1